MyWardrobe Opens Door To New Funds

The online fashion retailer MyWardrobe is plotting a new fundraising targeting millions of pounds in new investment less than a year after being rescued from administration.

Sky News understands that MyWardrobe, which stocks collections by designers such as Mulberry and Tom Ford, has held talks in recent days with firms about working on a prospective deal, although the company has yet to appoint advisers to handle the discussions.

Andrew Curran, MyWardrobe's co-founder, established the company in 2006 but stepped down earlier this year after it was bought out of administration.

That deal, undertaken through a controversial process known as a pre-pack, was hailed as a new opportunity for the company to expand and ultimately compete with peers such as Net-a-Porter.

However, its performance since then is understood to have been mixed, and one industry source said that MyWardrobe would require further funding in the next few months.

The company is now run by Steven Tucker, who fronted the most recent takeover.

MyWardrobe's hunt for new investment comes in the wake of a string of fashion retailers pursuing takeovers or stock market listings.

Asos (Other OTC: ASOMY - news) , the sector pioneer which now has a market value of just under £1.85bn, has had a troubled year, being hit by a fire at one of its main distribution warehouses and a series of profit warnings prompted by slowing sales growth.

Earlier this week, Asos warned that it would see no growth in profitability next year, a disclosure that sent its shares plunging.

The company's shares have now fallen by more than 55% during the last 12 months.

Mr Tucker declined to comment.